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It specializes in and provides streaming media and video-on-demand online and DVD by mail.
In 2013, Netflix expanded into film and television production as well as online distribution. Netflix's initial business model included DVD sales and rental, although Hastings jettisoned DVD sales about a year after Netflix's founding to focus on the DVD rental by mail business.
On June 14, 2002, the company sold an additional 825,000 shares of common stock at the same price.
After incurring substantial losses during its first few years, Netflix posted its first profit during fiscal year 2003, earning US.5 million profit on revenues of US2 million.
In January 2013, Netflix reported that it had added two million United States customers during the fourth quarter of 2012, with a total of 27.1 million United States streaming customers, and 29.4 million total streaming customers.
The company's published subscriber count increased from one million in the fourth quarter of 2002 to around 5.6 million at the end of the third quarter of 2006, to 14 million in March 2010.Since that time, the company has built its reputation on the business model of flat-fee unlimited rentals without due dates, late fees, shipping and handling fees, or per-title rental fees.Netflix initiated an initial public offering (IPO) on May 29, 2002, selling 5.5 million shares of common stock at the price of US.00 per share.In 2007, Netflix expanded its business with the introduction of streaming media, while retaining the DVD and Blu-ray Disc rental service.The company expanded internationally, with streaming made available to Canada in 2010 Netflix entered the content-production industry in 2013, debuting its first series, House of Cards.Randolph was a co-founder of Micro Warehouse, a computer mail order company, and was later employed by Borland International as vice president of marketing.Hastings, a computer scientist and mathematician, sold Pure Atria to Rational Software Corporation in 1997 for 0 million in what was then the richest acquisition in Silicon Valley history.They came up with the idea for Netflix while commuting between their homes in Santa Cruz and Pure Atria's headquarters in Sunnyvale while waiting for government regulators to approve the merger, Randolph admired the fledgling e-commerce company Amazon and wanted to find a large category of portable items to sell over the internet using a similar model.They considered and rejected VHS tapes as too expensive to stock and too delicate to ship.It has greatly expanded the production of both film and television series since then, offering "Netflix Original" content through its online library of films and television.Their efforts to produce new content, secure the rights for additional content, and diversify through 190 countries has resulted in the company racking up billions in long term debt: .9 billion as of September 2017, up from .8 billion from the same time the previous year.